IBFed Financial Crime Working Group Comments on Draft FATF Guidance Paper - 20/1/11

20 Jan 2011

The IBFed Financial Crime Working Group has provided the Financial Action Task Force (FATF) with practical observations on its draft Guidance Paper on AML/CTF and Financial Inclusion.  In doing so, IBFed expressed support for efforts to promote financial inclusion and stressed that AML/CTF should not impose specific rigid mandates on individual countries or individual financial institutions.  The guidelines need to permit individual countries and financial institutions to assess risks and take steps to control those risks when experimenting with ways to reach new markets.

The IBFed response is available here.